DraftKings Payouts for US Players
DraftKings is one of the most popular sportsbooks and online casinos in the US, with its platform present in as many as 22 states. Its established tradition of offering high-quality betting action has led to it becoming a household name.
Players appreciate its in-game wagering options, numerous available bet types, live streaming options, and, most of all, its user-friendliness. However, does this extend to the banking aspect of the platform and its payout process? How do withdrawals work? What are the available options, processing times, and fees? Let’s find out.
Still, there are some variations as to which options a person can use in different cases, so I decided to dig deeper into the site and the Help page. Here’s an overview of what I’ve learned:
- Debit card — The option has to be supported by the card brand and your bank. If it is, you must deposit first to unlock the withdrawal option.
- Online banking — A deposit is required before the method is allowed, and you only need to input your account’s username and password to connect DraftKings with your bank.
- Bank wire transfers — This option is available only on workdays, and you need your Fedwire routing and account number.
- Venmo — Your Venmo account must match your DraftKings info, it must have money in it, and you need to use it as a deposit method before asking for a withdrawal.
- Checks — You must send the money to the name and address verified in your account.
- VIP Preferred e-check — For this method to work, you need your account and routing number plus a prior deposit.
- Trustly — You can use this option with most bank accounts, even if you haven’t deposited with it before.
- PayPal — The profile must be in your name, and it cannot be a business account. An initial deposit is required before a cashout can be considered.
- Apple Pay — Your device has to support Apple Pay for the withdrawals to become available.
- Play+ Prepaid Card — Play+ cards are connected to DraftKings, and the site features dedicated explanations of how they work.
- Cage — You can withdraw cash in person instantly from the Cage at the Resorts Casino in Atlantic City, New Jersey, the Sportsbook at The Brook in New Hampshire, and Bally’s Black Hawk in Colorado.
How to Withdraw Winnings From DraftKings
- Minimum deposit $5
- Sleek and easy-to-use user interface
- Plethora of betting options
- Range of regular promotions
- Limited withdrawal options
- Needs a better rewards system
Withdrawing winnings from DraftKings is relatively easy, but there are some differences depending on the exact method you’re using. Still, as long as you follow the site’s instructions, respect the terms, and know how to generate the payment info required, it will be a breeze.
And if you ever get stuck, you can always check the Help and FAQ sections or ask customer support.
Here’s a step-by-step explanation of how that works on a computer and what you need to do to get paid quickly:
- Log in to your DraftKings account.
- Click your profile photo located in the top right corner.
- Select Account Information.
- Look at the options on the left and hit Withdraw.
- Read through the information and click Got It.
- Enter the amount you want to cash out in the “How much you want to withdraw” field. It should be within the limits of the available amount shown on the right.
- Click Continue.
- Pick one of the available payment options.
- Input the required details.
- Click Request Withdrawal to complete the process.
Bear in mind that the process is slightly different when using a phone or the mobile betting app, but as you can see in the picture above, DraftKings has detailed instructions for all devices.
Payout Times and fees at DraftKings
DraftKings doesn’t charge fees on withdrawals, and the payout times are different for each cashout option. Here’s a breakdown:
|💳Withdrawal method||⏱️Payout time|
|Debit card||1 business day|
|Online banking||Up to 5 business days|
|Bank wire transfers||Up to 2 business days|
|Venmo||Up to 2 business days|
|Checks up to $100||Up to 14 business days|
|Checks from $100.01 to $1,999||Up to 5 business days|
|Checks higher than $2,000||Up to 3 business days|
|VIP Preferred e-check||Up to 3 business days|
|Trustly||1 business day|
|PayPal||Up to 2 business days|
|Apple Pay||1 business day|
|Play+ Prepaid Card||Up to 4 business days|
What Are DraftKings Payout Terms & Conditions
Before cashing out funds, you must confirm your identity. Once that’s over, you need to have withdrawable winnings or prize money from contests. Bonus funds, promo credit, or deposits you haven’t played through cannot be withdrawn.
Once you’ve ticked all these boxes, you need to be aware of a few restrictions:
- You can only withdraw deposited funds through the same payment method used for the deposit.
- Some payment methods work only on specific DraftKings platforms, whether it’s the sportsbook, casino, fantasy sports, or marketplace.
- Payments are processed only between 9 a.m. and 5 p.m. EST.
- Every banking option has withdrawal limits. You can check them out in the image below.
Possible Winnings Restrictions at DraftKings
DraftKings can deny you your winnings for several reasons, and it can even cancel your withdrawal request. However, the problem is straightforward in an overwhelming number of cases, and more importantly, you can solve it quickly. Let’s review the main reasons why you’re not getting paid.
- Address Info in Your DraftKings Account Is Not Valid
Check that you’ve provided the right address. If you’re using checks, you can only use the verified address in connection with your account.
- You Haven’t Played Enough
- You’re Withdrawing Bonus Funds or Some Other Type of Promo Credit
You cannot withdraw bonus funds or promo credit, only the available balance. It will be clearly marked as such in the Withdrawal section.
- You’re Withdrawing Deposited Funds That Haven’t Been Played Through
Deposited funds are not available for withdrawal. You have to complete the playthrough requirements first.
Yes, DraftKings pays out real money. You’re free to withdraw all of your winnings and earnings except for pending bonus funds or other promo credits that are not withdrawable.
The way payouts work is simple — as soon as you’ve won a bet, the funds will be available for cashout, so all you need to do is visit the Withdrawal section and request a payout. We’ve provided detailed explanations in this guide.
No, DraftKings doesn’t let you cash out instantly. The site processes withdrawal requests daily between 9 a.m. and 5 p.m. EST. Moreover, the time it takes to receive the payout depends on the withdrawal method you have selected.
The quickest payout on DraftKings is cash at a Cage, but this means you have to go to a brick-and-mortar casino resort or sportsbook. The fastest online payment options are debit cards, Trustly, and Apple Pay, which take up to a day to complete.
This depends on the situation, but the most common reason is that you’re trying to withdraw a bonus or deposited funds that you haven’t played through. Other than that, your withdrawal information, like your address, could be incorrect.